§ 52. Major HUNTasked the Prime Minister, with reference to the British Trade Corporation, whether there is any precedent for the Government agreeing to the board of directors of any banking institution already trading under special charter taking a share of the profits of the business; and can he say what contribution the directors are individually to make towards the capital of the British Trade Corporation as a consideration for the share of the business which is anticipated under the Government?
The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Mr. Roberts)The Prime Minister has asked me to answer this question. I am having inquiries made as to the provisions of the charters granted to banking institutions, and will inform the hon. and gallant Member whether there is a precedent for the directors of such an institution receiving a share of the profits. I have no information as to the amount of capital of the British Trade Corporation for which the directors are subscribing individually.
§ Major HUNTHow are the directors to be chosen? Has the Government any voice in their selection?